COP28: Nigeria, others to benefit from Italy’s €5m sustainable energy funds
Nigeria and other African countries are poised to gain from €5 million in Sustainable Energy Funds from Italy through the Sustainable Energy Fund for Africa (SEFA) Special Fund.
The Deputy Minister of Environment and Energy Security for Italy, Vannia Gava, announced a new contribution during a side event at the 2023 United Nations Climate Change Conference, COP28, in Dubai, United Arab Emirates.
“This new contribution of €5 million to the Sustainable Energy Fund for Africa (SEFA) Special Fund strengthens the attention that the Italian Government devotes to Africa, a geographical region of priority importance for our country’s energy and climate policies,” Gava said.
She emphasised Italy’s continued dedication, stating that the commitment underscores the country’s ongoing efforts to foster sustainable energy development in Africa.
Earlier, the Director of the Renewable Energy and Energy Efficiency Department at the African Development Bank lauded Italy’s continued dedication to fostering sustainable energy in the country.
He also mentioned that Italy’s contribution aligns with the broader goals of COP28, particularly the objective of tripling the deployment of renewable energy.
“Italy’s new contribution to SEFA is a powerful statement of its commitment to Africa’s just energy transition. This funding will further bolster SEFA’s efforts to deliver sustainable and reliable energy access across the continent, driving economic growth and enhancing the quality of life for millions.
“We are deeply grateful for Italy’s continued partnership and shared vision in supporting Africa’s sustainable energy journey,” he added.
Sustainable Energy Fund for Africa, also known as SEFA, is a multi-donor Special Fund, offering catalytic finance to stimulate private sector investments in renewable energy and energy efficiency.
It provides technical assistance and concessional finance tools to eliminate market barriers, enhance project pipelines, and optimize the risk-return profile of specific investments.
The Fund’s overarching goal is to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa, in line with the New Deal on Energy for Africa and Sustainable Development Goal 7, “Ensure access to affordable, reliable, sustainable and modern energy for all.”
